Nigeria’s plan to build a 456MW gas-fired power plant, Azura, outside of Benin City is finally becoming a reality, as the World Bank is set to guarantee the investment to begin the construction, All Africa reports. The World Bank’s Multilateral Investment Guarantee Agency (MIGA) announced that it would support the construction of the plant by guaranteeing the $492m investments to be made by Amaya Capital Ltd, American Capital Energy and Infrastructure, Aldwych Azura Limited, the African Infrastructure Investment Fund 2 Power Holding, and Asset and Resource Management Ltd.

“The power project, which has reached financial close, is expected to bring reliable and affordable energy to the nation’s grid. Nearly 12m residential consumers will be served by the project,” said the World Bank.